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Steve Forbes: Trump Tax Cuts Will Lead to 'Higher Standard of Living'

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By    |   Sunday, 24 December 2017 10:28 AM

Investment guru Steve Forbes predicted to Newsmax TV that the GOP tax-reform legislation will spark investment that ultimately lead to “a higher standard of living” for all Americans.

“We've had, as you know, subpar investment for a decade,” the chairman and editor-in-chief of Forbes Media told Sunday’s “The Income Generation Show.”

“And so, in order to get a higher standard of living, we need more investment. And that leads to enabling people to keep more of what they earn via higher earnings, higher salaries, higher pay in the future and you have to have investment,” said Forbes, author of "Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity."

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“So they are laying the foundation for good, long-term growth in the business side,” Forbes told host David Scranton.

Forbes made his comments as Republicans in the U.S. Congress this week approved a broad package of tax cuts in what was the largest overhaul of the tax code in 30 years, handing President Donald Trump a major legislative victory with the legislation, which has $1.5 trillion in tax cuts, Reuters explained.

Economists are forecasting a modest economic boost from the tax cuts, which includes slashing the corporate income tax rate to 21 percent from 35 percent. The fiscal stimulus will come while the economy is at full employment, which raises the risk of it overheating.

Forbes suggested that one of the things Republican lawmakers should stress to the general public is that “this tax bill is a down payment of more tax cuts to come.”

If Trump would make such a proclamation, it would rile investors for all the right reasons and “get the animal spirits really going,” said Forbes, a Republican candidate in the 1996 and 2000 presidential primaries.

“We're going to have more of this good stuff, we're going to do more for individuals and that way not only will we have good things here but overseas capital will be coming in.”

Overall, Forbes said American businesses should relish the difference between the Trump administration and the Barack Obama White House.

“With President Obama, if he gave you something, you know he’d take it away at the first opportunity. Each day, that administration was getting up and trying to figure out how to make life miserable for business people,” Forbes explained.

“This is a different environment. A different psychology. And for smaller businesses, being able to write off the truck, the software and the light. That makes a difference. Big companies not so much but for smaller companies which have had a really tough time in the last decade this is really mana from heaven,” he said.

"The Income Generation" airs on Newsmax TV every Sunday at 10 am ET.

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Investment guru Steve Forbes predicted to Newsmax TV that the GOP tax-reform legislation will spark investment that ultimately lead to “a higher standard of living” for all Americans.
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Sunday, 24 December 2017 10:28 AM
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